Budget deficit to exceed 6% of GDP this year, analysts forecast

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Riyadh Air on track to receive its first aircraft in 3Q

Good morning, ladies and gents. Emirates NBD sees Saudi Arabia facing a larger budget deficit in 2025 than anticipated, due to lower oil prices and increased spending. Speaking of spending, Diriyah Company awarded a USD 1 bn contract for the relocation of King Saud University facilities.

ALSO- Investment activity saw Stanhope Capital partnering with GIB for Saudi expansion, and I-Squared Capital planning to open a Riyadh office. The earnings season also marches on, with Alinma Bank, Astra and Saudi Ceramic reporting 1Q earnings. Let’s dive in.

A QUICK NOTE- Our apologies. Some readers yesterday received in error EnterprisePM Egypt despite not being subscribed to that edition after one of us made a simple mistake during the dispatch process. We apologize for the unscheduled interruption in your inbox, folks — it won't happen again.

HAPPENING TODAY-

Automechanika Riyadh wraps up today at the Riyadh International Convention and Exhibition Center. The regional automotive aftermarket industry trade show — wrapping up on Wednesday — will feature over 450 exhibitors from more than 30 countries and eight international pavilions.

WEATHER- Thunderstorms may hit Riyadh, while Makkah and Madinah brace for a cloudy day.

Riyadh: 40°C daytime / 25°C overnight
Makkah: 41°C daytime / 29°C overnight
Madinah: 38°C daytime / 25°C overnight

WATCH THIS SPACE-

Banque Saudi Fransi is set to issue additional tier 1 bonds in a bid to shore up its tier 1 capital, the bank said in a disclosure on Monday. The size and terms of the issuance will be determined based on market conditions and remain subject to regulatory approvals.

SOUND SMART- AT1s are high-risk bonds banks use to shore up their capital. They pay interest but can skip payments, and if the bank runs into trouble, the notes can be written off or converted into shares. They have no maturity date and sit just above equity in the capital structure, offering higher returns in exchange for greater risk.

ADVISORS- The lender enlisted HSBC, Mashreq, Abu Dhabi Commercial Bank, Citigroup Global, Crédit Agricole Corporate and Investment Bank, Emirates NBD Bank, Merrill Lynch, Mizuho International, MUFG Securities, and Saudi Fransi Capital as joint lead managers.

HanhwaAerospace may sign an agreement with the Kingdom to localize sourcing and producing military weapons by the end of the year, Global Defense President and CEO Michael Coulter told Bloomberg. “We are in discussions both in Saudi and UAE right now about programs that will create capacity in the Middle East that address the sovereign, but also help address the security threats,” Coulter said.

A deepening relationship: Hanhwa and the National Guard Ministry signed an MoU “to explore industrial opportunities in the Land Systems … to support the Kingdom’s goal to localize the defense sector” on the sidelines of the World Defense Show 2024 held in Riyadh, according to a press release. The agreement covered the armored vehicles, monitoring and reconnaissance systems, robotics, and satellite technologies.

IN CONTEXT- The Kingdom looks to localize over 50% of its military spending by 2030. That the localization rate of military spending reached 19.35% by November 2024, compared to 4% in 2018, Governor of the General Authority for Military Industries Ahmad Abdulaziz Al-Ohali said back then.

New affordable housing in the works: Saudi Arabia is set to develop affordable housing units priced between SAR 250k and SAR 1.2 mn at residential developments in Riyadh to raise local household ownership to 66% by the end of the year, Municipalities and Housing Minister Majid Al Hogail was quoted as saying by Aleqtisadiah.

Riyadh will see more than 70k units being delivered through developments such as Al Fursan, Khuzam, Asala, and Al Mashraqia to meet a rising demand. The capital requires 120k-130 new units annually, with the private sector meeting only 40-45% of that demand. The National Housing Company will also partner with local and international developers to fulfill about 38% of the gap, Al Hogail added.

IN CONTEXT- The Kingdom launched real estate reforms earlier in March to increase land availability, improve rental rules, and control rising property prices in Riyadh. The reforms are to include amending the White Land Tax Law — which Al Hogail expects to happen within days — and issuing new rental regulations.

REMEMBER- Riyadh saw the highest increase in its real estate prices in 1Q 2025, up 10.7% y-o-y. Last year, apartment prices in Riyadh rose 10.6% y-o-y, while villa prices increased 6.3%. Overall, the real estate price index rose 4.3% y-o-y over the same period, driven primarily by a 5.1% rise in residential property prices and a 2.5% uptick in commercial real estate prices.

PIF-backed Riyadh Air is on track to receive its first aircraft in 3Q 2025 and start commercial flights by the end of the year, the company’s VP of Marketing and Corporate Communications Osamah Alnuaiser told Asharq Business (watch, runtime: 5:04). The airline is receiving planes through two major agreements for Boeing 787 Dreamliners and Airbus A321neos. It also plans to integrate AI in its operations, with support from Microsoft and IBM, to improve data analysis and passenger services.

ICYMI- The carrier said earlier this week it was ready to purchase Boeing planes originally meant for Chinese airlines should they be impacted by the ongoing trade war between the US and China.

Dubai-based Khazna Data Centers is planning an expansion drive in Saudi Arabia, aiming to capture at least 25% of the kingdom’s growing data center market, CEO Hassan Alnaqbi told Bloomberg. The firm has picked two sites for expansion where it thinks local Saudi firms don’t have the capacity required by the increasing number of US hyperscalers — large cloud service and data center providers — that are looking to the Gulf’s cheap energy and real estate for expansion.

Khazna controls about 71% of the UAE’s existing data center capacity, and, in addition to European expansion plans, its 12 data centers under construction include sites in Turkey and Kenya.

DATA POINTS-

Consumer spending via point-of-sale (PoS) transactions in the Kingdom posted a slight decline of 0.8% w-o-w in the week ending Saturday, 26 April to settle at SAR 11.4 bn, according to the Saudi Central Bank’s report (pdf). The number of weekly transactions also fell by 1.1% w-o-w to 199.8 mn.

The details: Food and beverage made up the biggest chunk of spending in terms of value during the week, growing only 0.6% w-o-w to some SAR 1.7 bn. The figure nearly matched Restaurants and cafes, which dropped by 2.1% w-o-w to SAR 1.6 bn. PoS transactions on jewelry posted the steepest dip for the second straight week, slipping 18.2% w-o-w to SAR 320.8 mn.

Riyadh once again had the highest value of PoS transactions at SAR 4.1 bn, followed by Jeddah at SAR 1.7 bn.

SPORTS-

Al Ahli is officially the first 2025 AFC Champions League finalist after defeating Al Hilal three to one. The team directed by Matthias Jaissle scored twice before the first half-hour, and another goal during overtime. The Blue Waves attempted a comeback with a goal by Aldawasiri (42’) at the end of the first half, but found itself at a disadvantage after Koulibaly was sent off 15 minutes into the second half.

What’s next? Al Nassr will measure against Kawasaki Frontale today at 7:30pm. The winner will square off against Al Ahli in the championship final, set for Saturday, 3 May.

OVER IN ESPORTS- A new PUBG Mobile Championship: PUBG Mobile and the Saudi Esports Federation signed an agreement to launch the PUBG Mobile National Championship as part of the Saudi Esports League, according to a press release. Whoever comes on top will earn a spot in the global PUBG Mobile World Cup, distributing a total of USD 3 mn in prizes.

More details: The agreement aims to develop the local gaming scene and provide a path for Saudi players to compete globally. It also includes training programs through the Saudi Esports Federation Academy and university leagues to support young talent.

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THE BIG STORY ABROAD-

It’s all about US President Donald Trump’s 100 days in office in the global business press. His rally in Michigan to mark his 100th day made headlines, as Trump touted his time in office so far as the “most successful 100 days of any administration in the history of our country,” and defended his economic policies, including tariffs.

He also renewed his attacks on Federal Reserve Chair Jerome Powell, saying he is not doing a good job and that he understands interest rates better during a rally in Michigan to mark his 100th day. He had already denied plans to fire the Fed chief after he criticized the pace of his rate cuts earlier this month. (Bloomberg | Reuters | Guardian | NBC)

As he defended tariffs, he also signed an executive order to give automakers in the US a two-year grace period to boost the percentage of domestic car parts before applying the 25% levy on foreign ones. Meanwhile, US Commerce Secretary Howard Lutnick told CNBC he had reached a trade agreement with one country on reciprocal tariffs, without mentioning the name of the country. (Reuters | AP | New York Times | Wall Street Journal)

MEANWHILE- A handful of 1Q 2025 earnings are getting attention, including Samsung’s, which beat analysts’ estimates with a record quarterly revenue — up 10% y-o-y — on the back of an increase in sales of chips and Galaxy S25 smartphones. (CNBC | Bloomberg)

Budget deficit to exceed 6% of GDP this year, analysts forecast

The Kingdom could have a much higher budget deficit than expected: Emirates NBD sees Saudi Arabia recording a budget deficit that is equivalent to 6% of GDP this year, down from its previous forecast of 5.2% and well above the government’s earlier projections of a 2.3% deficit, the bank wrote in a research note (pdf).

The drivers: The bank cites a combination of lower oil prices and recurrent production curbs as the reason behind its forecast, expecting this to weigh on revenues while budget spending continues to rise.

Emirates NBD is not the only one predicting a high deficit: Goldman Sachs economist Farouk Soussa said earlier this month that he expects Saudi Arabia’s budget deficit to widen to USD 67 bn (SAR 251.5 bn), or over 6% of GDP, in a scenario where oil prices average USD 62 per barrel in 2025. The government needed oil at USD 93 a barrel to balance last year’s budget, according to Bloomberg Economics’ Chief Emerging Markets Economist Ziad Daoud.

This could mean more borrowing: “The wider budget deficit will likely entail more public borrowing from Saudi Arabia and the country has already been the largest emerging market issuer of debt so far this year, just as it was in 2024,” Emirates NBD said.

REMEMBER- As of March 2025, Saudi Arabia’s total direct debt reached SAR 1.33 tn (USD 354.3 bn) — SAR 797.1 bn (USD 231.6 bn) in domestic debt and SAR 531.7 bn (USD 141.8 bn) in external debt. This marks a 9.3% increase from the previous year, highlighting the ongoing expansion of the Kingdom's debt portfolio.

The Kingdom will need to step up fiscal consolidation in FY 2025 to accommodate for lower oil prices and hit to revenue from Aramco’s dividend cut, Capital Economics’ James Swanston told EnterpriseAM. “There are already signs of capital spending cuts and expansions to non-oil taxation revenue, namely the wider net of goods subject to VAT,” Swanston added.

Saudi is not alone: Emirates NBD now sees a weighted average budget deficit of 3.6% of GDP in 2025 for the GCC bloc, up from its previous estimate of a budget deficit of 2.51% relative to GDP, and down from an estimated deficit of just 1% of GDP last year. The bank cites lower oil prices across the bloc as the reason behind its revision, saying that lower prices will “drag on budget balances across the GCC.” Only the UAE and Qatar are expected to see a budget surplus in both 2025 and 2026.

Diriyah inks USD 1.1 bn contract with Chinese JV to relocate KSU facilities

Diriayah + Chinese JV to relocate KSU facilities: PIF-backed developer Diriyah Company awarded a USD 1.1 bn (SAR 4.2 bn) contract with a Chinese JV to construct and transfer King Saud University (KSU) utilities and administration offices within the Diriyah area, it said in a statement yesterday. No timeline was disclosed.

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The scope: The JV — between China Railway Construction Corporation Limited Saudi Branch and China Railway Construction Group Central Plain Construction — will be responsible for the design, construction, and transfer of KSU utilities and administration offices in the 14 sq km development.

The contract also includes the development of a cooling plant, water storage facilities, a sewage treatment plant, a synthetic natural gas plant, a diesel transfer pumping station, a utility tunnel, irrigation water storage tanks, office buildings, warehouses, and maintenance workshops.

The City of Earth marches on: The value of contracts awarded by Diriyah Company in 2025 now exceeds USD 2.9 bn, the statement said.

ICYMI- Diriyah also signed a USD 1.4 bn (SAR 5.1 bn) JV contract this month to construct the Royal Diriyah Opera House. Set to be the largest in the Kingdom, the opera house will be located along Diriyah’s upcoming 1.9 km cultural boulevard — modeled after Paris’ Champs-Élysées.

Stanhope Capital partners with PIF’s GIB for Saudi expansion. PLUS: I-Squared plans to open a Saudi office this year

Stanhope Capital expands into the Kingdom: London-based wealth management firm Stanhope Capital partnered with PIF-majority owned Gulf International Bank (GIB) to offer its services in Saudi Arabia, covering global asset classes — hedge funds, private equity, and real estate — as well as shariah-compliant products, the Financial Times reports.

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Under the agreement, GIB will be responsible for signing clients in Saudi Arabia and Bahrain, while Stanhope will focus on wealth management. Clients will be jointly managed by a hybrid team, with Stanhope operating from its offices in the UK, the US, and Switzerland. The company does not plan to establish a regional headquarters at this stage.

The goals: Stanhope wants to build wealth management expertise within the Kingdom, targeting a client base that includes families with more than USD 100 mn in investable assets and institutional clients such as sovereign-linked entities and charities, Stanhope CEO Daniel Pinto told the salmon-colored paper. The firm chose the Gulf over Asia due to the region’s deeper appreciation for wealth management services — as opposed to Asia’s product-driven model.

ALSO- The partnership is seen as a potential instrument for capturing and directing foreign direct investment into the Kingdom, at a time when the value of announced greenfield FDI projects fell 28% y-o-y in 2024 to USD 22 bn.

The rationale: “Many foreign banks and many wealth managers have tried to do it on their own in the region and usually have failed, and we felt that the odds of succeeding were much higher if we had a local partner with local expertise and local access to our target client base,” Pinto explained.

IN OTHER INVESTMENT NEWS-

Global infrastructure investor I-Squared plans to open an office in Saudi Arabia this year, tapping Ali Mandour (LinkedIn) to be its Managing Director, according to a press release. “The biggest market and potential market for investments in infrastructure in size is without a doubt Saudi,” Chairman and Managing Partner Sadek Wahba told Bloomberg.

The firm plans to invest USD 1 bn in Saudi Arabia over the next three years, focusing on energy transition, digital innovation, infrastructure development, and capital markets, Wahba told Al Arabiya. The investments will be split between I-Squared’s own capital and inflows attracted from international investors, particularly from the US, Europe, and Global South countries like Brazil.

Current plans: The firm is reviewing 3-4 potential agreements in the Kingdom, including both the expansion of current and new projects, he said. The Riyadh office will be staffed initially with four people to manage local projects and regional relationships across the GCC, Egypt, North Africa, and collaborate with I-Squared’s India office, Wahba added.

I-Squared? The Miami-based global infrastructure investor was founded in 2012 and manages USD 45 bn in assets across Asia, Europe, and the Americas. It targets energy, utilities, transport, and telecom projects, with a focus on renewable and fossil fuels (excluding coal and nuclear).

Alnima Bank’s 1Q 2025 net income rises 14.7%

ALNIMA BANK

Alnima Bank’s net income increased 14.7% y-o-y to SAR 1.5 bn in 1Q 2025, according to a disclosure to Tadawul. The rise was partially offset by declining income from fees, FVIS, and other operating expenses.

MEANWHILE- The bank’s total income from financing was up 6.3% during the quarter at SAR 3.6 bn y-o-y, while total income from investment rose 23.3% y-o-y to SAR 567.1 mn.

ALSO- the lender’s BoD is to distribute SAR 745.2 mn in dividends for 1Q 2025 at SAR 0.3 per share, it said in a separate disclosure to Tadawul. The distribution date is set to 27 May.

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ARABIAN CONTRACTING SERVICES-

Outdoor advertising firm Arabian Contracting Services reported a 14.8% y-o-y decline in net income to SAR 271.3 mn in FY 2024, driven by a 291% rise in financing expenses, it said in a disclosure to Tadawul. The cost hike was linked to service concession liabilities, loans for the Faden Media acquisition, and other loans for advance payments on new contracts.

Revenue rose 31.7% y-o-y to SAR 1.7 bn during the year, driven by the expansion of its advertising network, ongoing digital transformation initiatives, and robust growth in both the outdoor (+28% y-o-y) and indoor (+46% y-o-y) advertising sectors.

ASTRA INDUSTRIAL GROUP-

Astra Industrial Group saw its net income rise 14.8% y-o-y to SAR 171.9 mn in 1Q 2025 amid stronger gains in the pharma sector and lower finance costs in the specialty chemicals and other segments, it said in a disclosure to Tadawul.

Revenue edged down 1.1% y-o-y to SAR 833.7 mn over the same period, primarily due to weaker steel sales and lost revenue from the discontinued Astra Mining.

SAUDI CERAMIC

Saudi Ceramic reported a 39.6% y-o-y rise in its net income to SAR 20.8 mn in 1Q 2025, pushed by higher average selling prices and lower production costs, it said in a disclosure to Tadawul.

MEANWHILE-Revenue jumped 11.2% y-o-y to SAR 384.6 mn, buoyed by higher quantities and average selling prices of water heater products, as well as higher average selling prices of tiles and sanitaryware products.

EVIQ + Mercedes + Juffali plug in to power Saudi EV shift

EV-

EVIQ, Mercedes, Juffali to develop EV infrastructure: The Electric Vehicle Infrastructure Company (EVIQ) — the JV between the PIF and the Saudi Electricity Company — inked an MoU with Mercedes-Benz KSA and the Juffali Automotive Company to develop a high-speed EV charging network across the Kingdom, according to a statement. The agreement also covers initiatives to raise public awareness of switching to EVs.

EVIQ is on a roll: EVIQ partnered with Ceer, Sasco, Lucid, BYD, and Zeekr to develop EV infrastructure across the country. EVIQ opened its first fast EV charging station in Riyadh in January 2024 and plans to deploy over 5k chargers across the Kingdom by 2030.

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RETAIL-

Tihama joins Lenovo: Tihama Distribution, a subsidiary of Tihama Advertising, Public Relations, and Marketing, is now an official partner of Lenovo through the Lenovo 360 Engage Program, according to a disclosure to Tadawul. The agreement allows Tihama to sell Lenovo’s commercial devices and infrastructure solutions in the Kingdom, including laptops, PCs, servers, and related services. Tihama also received several technical certifications from Lenovo in areas like data centers, cloud computing, and AI.

ICYMI- Tihama Advertising signed a one-year non-binding MoU with Masar Alula last month to explore acquiring a stake in the firm, which owns the Hashikom restaurant chain.

STARTUP WATCH-

Homegrown AI-driven health and fitness app Miran merged with the Egyptian wellbeing platform Welnes App, according to a post on LinkedIn. The merger was led by an unnamed local angel investor affiliated with Doroob VC, according to a press release.

The details: The new company will be headquartered in Riyadh and led by CEO Amr Saleh (LinkedIn) and CTO Eslam Ali (LinkedIn), aiming to develop a unified health platform that combines Miran’s AI-driven tools with Welnes’ coach-led programs to offer customized meal and workout plans supported by data-driven health analytics.

INS.-

Al Rajhi Takaful retained an Ins. Financial Strength Rating (IFSR) of A3 with a stable outlook, based on a strong market position, steady good profits, and low reserve risk, Moody’s said in a press release (pdf). The rating agency drew attention to business diversification, profitability changes, asset quality, and market share as potential factors leading to changes in rating.

LOGISTICS-

Saudia Cargo + Henan ink cargo partnership: Saudia Cargo and China’s Henan Aviation Group inked an MoU to ramp up services between Riyadh and Zhengzhou via the Air Silk Road, according to a statement. The move looks to expand the airline's cargo capacity between the two countries and foster trade growth. No further details about the number of new routes or the timeline were disclosed.

HOUSING-

NHC + CSCEC plan 20k homes: The National Housing Company (NHC) extended its partnership with China State Construction Engineering Corp (CSCEC) to build 20k housing units in Riyadh, Jeddah and Dammam, the company said in a post on X. So far, over 3.8k units have already been developed through this collaboration.

Part of a bigger plan: The NHC has been tasked with building affordable housing options to close the 1.2 mn housing units gap needed to achieve a 70% home ownership target by 2030. It may add another 100k housing units this year to the 200k already in the pipeline.

US tariffs will its own consumers. Retailers and suppliers brace for impact.

Washington and Wall Street have been in turmoil for nearly a month over President Donald Trump’s tariffs, and the fallout is now approaching US households. Retail giants like Walmart and Target warned Trump last week of looming shortages and higher prices, Bloomberg reports.

The tariffs hit during a crucial inventory buildup season for back-to-school and holiday sales, forcing retailers to choose between canceling orders, raising prices, laying off workers, or facing empty shelves and financial strain, the business news service writes.

Shipping disruption deepens: Since the US raised tariffs to 145% in April, cargo shipments from China have dropped by up to 60%, with overall volumes down 40%, according to Bloomberg data. Bookings for standard containers were 45% lower by mid-April, the Financial Times reports, citing Vizion data.

As it stands, the World Trade Organization projects that US-China trade could fall by 80%, fueling recession fears. US imports are expected to drop 7% in 2Q — the steepest fall since the pandemic.

Damage management window closing: Huge retailers have been pausing orders from suppliers outsourcing their products from China and are expected to cancel them if the standoff remains, Jay Foreman, CEO of toymaker Basic Fun, told Bloomberg. “We’re in a period where the damage is manageable, but every week the damage level is going to increase,” he was quoted as saying by Bloomberg.

Rising prices are dragging consumer spending down, with consumer confidence weakening, Momentum Commerce CEO John Shea told the Financial Times. Some executives anticipate consumer goods prices could double, further tightening sentiment and spending, Bloomberg writes.

To mitigate the tariff impact, importers are shifting sourcing to Southeast Asia, with rising exports from Cambodia, Thailand, and Vietnam. Container prices are already rising from Vietnam but falling sharply on China – US routes, data from the cargo booking platform Freightos shows.

BUT- Unlike the Covid era crisis, a rapid resolution is still possible if tariffs are quickly removed, executives noted. However, any sudden trade rebound could overwhelm logistics systems and creating new bottlenecks, Judah Levine of Freightos told Bloomberg.

IN CONTEXT- Washington and Beijing have granted minor tariff exemptions for select products, with Trump suggesting the 145% rate could “come down substantially.” However, no formal negotiations are underway, and industry leaders warn that higher baseline tariffs — possibly locking in at 10% — could permanently raise costs, worsening the squeeze on businesses and consumers, said Secretary-General of the International Chamber of Commerce John Denton.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei unchanged, while Hong Kong’s Hang Seng is down 0.5% and Shanghai Composite is down 0.1%. Meanwhile, Wall Street futures are signalling a lower opening, after markets were boosted yesterday by the US hinting at a trade agreement to be finalized soon with an unnamed country.

TASI	11,746	-0.3% (YTD: -2.4%)
MSCI Tadawul 30	1,494	-0.3% (YTD: -1.0%)
NomuC	28,331	-0.3% (YTD: -10.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	32,043	+0.1% (YTD: +7.7%)
ADX	9,528	+0.6% (YTD: +1.2%)
DFM	5,241	+0.5% (YTD: +1.6%)
S&P 500	5,561	+0.6% (YTD: -5.5%)
FTSE 100	8463	+0.6% (YTD: +3.6%)
Euro Stoxx 50	5162	-0.2% (YTD: +5.4%)
Brent crude	USD 64.25	-2.4%
Natural gas (Nymex)	USD 3.38	-0.2%
Gold	USD 3331.30	-0.1%
BTC	USD 94,847.20	+0.3% (YTD: +1.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% yesterday on turnover of SAR 6.9 bn. The index is down 2.4% YTD.

In the green: Alarabia (+9.9%), Albaha (+4.9%) and Sumou (+3.9%).

In the red: Alistithmar Reit (-3.4%), Tadawul Group (-2.9%) and Saudi Kayan (-2.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.3% yesterday on turnover of SAR 29 mn. The index is down 10.0% YTD.

In the green: Mulkia (+6.8%), Leaf (+4.0%) and Alashghal Almoysra (+3.7%).

In the red: Qomel (-6.7%), Enma Alrawabi (-4.6%) and SMC (-4.4%).

CORPORATE ACTIONS-

Kingdom Holding’s BoD recommended transferring its full statutory reserve of SAR 1.8 bn to retained earnings based on its 2024 audited results, according to a disclosure to Tadawul. The proposal will be put to a vote at the next general assembly.

Arabian Pipes received the Capital Market Authority’s approval to increase its capital by 33% to SAR 200 mn through tapping its retained earnings, with shareholders getting a bonus share for every 3 shares owned, according to a statement. The company must secure its shareholders’ approval and all regulatory requirements within 6 months.

Nomu-listed Balady Poultry’s top brass decided to avoid distributing dividends for 2H 2024, according to a disclosure to Tadawul. The decision, which aims to support the company’s expansion plans, is yet to be approved by its general assembly.

Tadawul-listed Taqat Mineral Trading tapped Al Rajhi Capital as market maker for the company’s shares for 12 months, according to a disclosure to Tadawul.

CALENDAR

APRIL

28 April - 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

MAY

May: World Intellectual Property Organization (WIPO) Global Awards 2025 announces finalists.

3 May (Saturday): Canelo Alvarez vs William Scull, Anb Arena, Riyadh.

4-8 May (Sunday-Thursday): Adeer Real Estate Nomu IPO offering period.

5 May (Monday): Opec+ meeting.

6-7 May (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

9 May (Friday): PFL Mena Season 2 Kick-off.

11-13 May (Sunday-Tuesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

12-14 May (Monday-Wednesday): 2025 Saudi Giga projects Summit, Riyadh.

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

23 May (Friday): Guns N’ Roses Show, Riyadh.

29 May (Thursday): 2024-2025 academic year ends.

JUNE

4-9 June (Wednesday-Monday): Hajj.

6-10 June (Friday-Tuesday): Eid Al Adha.

17-18 June (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting and Summary of Economic Projections.

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

30 June (Monday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

JULY

July (Second week): World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

29-30 July (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

SEPTEMBER

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

17-18 September (Wednesday-Thursday): US Federal Reserve Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

28-29 October (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

NOVEMBER

3-9 November (Monday- Sunday): WTA Tour Finals, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

30 November (Sunday): Zatca 21st E-invocing integration wave deadline.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 December (Wednesday): Zatca 22st E-invoicing integration wave deadline.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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Budget deficit to exceed 6% of GDP this year, analysts forecast

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Budget deficit to exceed 6% of GDP this year, analysts forecast

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Budget deficit to exceed 6% of GDP this year, analysts forecast

Related

Diriyah inks USD 1.1 bn contract with Chinese JV to relocate KSU facilities

Related

Related

Stanhope Capital partners with PIF’s GIB for Saudi expansion. PLUS: I-Squared plans to open a Saudi office this year

Related

Alnima Bank’s 1Q 2025 net income rises 14.7%

Related

EVIQ + Mercedes + Juffali plug in to power Saudi EV shift

Related

US tariffs will its own consumers. Retailers and suppliers brace for impact.

Related

CALENDAR

Related

An independent publication supported by

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